Amenda Markets Review - Is it scam or safe?

RECOMMENDED FOREX BROKERS

Trading Accounts

Account type

Minimum deposit

Minimum trade size

Maximum leverage

Average Spreads

Standard

$500

0.01

1:100

0.1 pips on EUR/USD + commission $3.5 per standard lot (per side)

Amenda Markets Trade with Pure - DMA (Amenda Markets) basically offers a single account with variable spreads and leverage up to 1:100 on the industry`s standard MetaTrader 4 platform. It comes with the promise of pure DMA (direct market access), spreads sometimes even plunging into the negative range, and 0.02 sec execution speed.

There are two options available: individual or corporate account, depending on whether a client is a natural or legal person. Besides, this broker also offers solutions for money managers and clients (investors) to manage their funds efficiently via Managed accounts.

The Company. Security of Funds

Amenda Markets is a newly-established Latvian NDD forex broker which offers its services through the popular Metatrder 4 platform.

Amenda Markets Trade with Pure - DMA is a trademark of Amenda Markets AS IBS, which is licensed and regulated by the Financial and Capital Market Commission of Latvia (FCMC).

FCMC is a EU regulator, applying certain requirements to financial providers within its jurisdiction. Licensed brokerages must keep client funds in segregated accounts and regularly report to the commission. Besides, financial providers must maintain net tangible assets of at least EUR 730 000, much like UK and Cyprus-based ones.

What is more, all licensed brokers are members of the Investor Compensation Scheme (ICS), which covers investments of clients of regulated entities up to EUR 20 000.

Besides, Amenda Markets AS IBS, is MiFID compliant under the Law on the Financial Instruments Market of Latvia and is entitled to provide the investment services of agency only execution in all Member States.

Trading Conditions

Minimum Initial Deposit
In order to open an account with Amenda Markets, traders have to invest a minimum of $500, which a bit too high minimum initial amount. Other EU brokers require considerably lower initial deposits. For instance, CySEC regulated FXTM demands just $5 from its clients as a start, and Dukascopy Europe, which is also based in Latvia - $100.

Spreads & Commissions
As a NDD broker Amenda Markets offers tight variable spreads and cites as a typical a spread of 0.1 pips for the EUR/USD pair, plus a commission of to $ 7 per standard lot (round turn). So average trading costs per standard lot for this pair are below 1 pips, which is a really good offer.

Trading Platform

As most brokers, this one also supports the renown MetaTrader 4 (MT4), desktop, and mobile versions available.

MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources. Amenda Markets` MT4 is equipped with 30 built-in indicators, and there are over 2 000 free custom indicators and many paid downloadable ones, allowing you to analyze the market of any level of complexity.

The platform provides 24 analytical objects, such as lines, channels, the Gann and Fibonacci tools, shapes and arrows, with which you can forecast the future price dynamics. What is more, MT4 is equipped with a wide range of Expert Advisors (EAs) and extensive back-testing environment, so Traders can download ready-made or create their own EAs and let the program do all the work.

Methods of Payment

The following payment methods are available to Amenda Markets clients: credit/debit cards, bank wire transfer, and e-wallet payment systems, such as Skrill, Neteller, China UNionPay and PayPal.

Accepted currencies: USD, EUR, JPY.

Conclusion

Amenda Markets is a well-regulated EU broker that offers forex trading on the ever popular MT4, utilizing an agency model, and offering really tight spreads. Maybe due to the fact that it is a relatively young broker, its product portfolio is quite limited at the moment. To sum up the above, here are the advantages and drawbacks with regards to this broker:

FXTM a regulated forex broker (regulated by CySEC, FCA and IFSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $5 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

easyMarkets is a CySEC and ASIC regulated broker offering access to over 300 trading instruments, tight fixed spreads, no slippage and a 50% deposit bonus.

HYCM is global forex broker with more than 40 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 0.2 pip

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an ongoing monthly $999 forex contest, offers a $5 no-deposit bonus for anyone willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage - one of the highest in the industry.

Forex trading carries a high level of risk and may not be suitable for all investors. Before you engage in trading foreign exchange, please make yourself acquainted with its specifics and all the risks associated with it.
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